Import tax of fuel products reduced to 0-3%
19:18 | 21/02/2012
VGP – The Ministry of Finance (MoF) has decided to exempt petrol import tax and reduce diesel import tax to 3% since February 21 in a bid to ease difficulties for petrol importers and keep retail sale prices stable. 

Illustration photo

Specifically, the import tax rate imposed on petrol commodities was lowered down to zero percent from the current 4%.

For diesel, the import tax was slashed down from 5% to 3%. However, the MoF still maintains 5% import duty for lubricating oil and imposes 15-20% tariff on waste oil products. 

The petrol import tariffs of 4-5% have been applicable over the past two months, but in the wake of increasing pressure of global fuel price hike and local inflation, the MoF had to make necessary cuts ./.

By Khánh Phương

 

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